Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

by December 15, 2023
December 15, 2023
Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

The Information Commissioner’s Office (ICO) has issued Bank of Ireland UK with a reprimand for mistakes made on more than 3,000 customers’ credit profiles.

Bank of Ireland UK sent incorrect outstanding balances on 3,284 customers’ loan accounts to credit reference agencies, organisations that help lenders decide whether to approve financial products. This inaccurate data could have potentially led to these customers being unfairly refused credit for mortgages, credit cards or loans, or granted too much credit on products they were potentially unable to afford.

The investigation found that, due to the complex nature and different factors contributing to credit scoring, it would be impossible to determine the actual damage caused to each customer. However, the ICO concluded it was reasonable to assume that the inaccurate data sent by Bank of Ireland UK to credit reference agencies would have had a negative impact on the customers affected.

Reported to the ICO in March 2021, Bank of Ireland UK was found to be in breach of data protection law by failing to ensure personal data was accurate, article 5(1)(d) of GDPR.

Natasha Longson, ICO Head of Investigations said: “Mistakes made by financial institutions can have far-reaching consequences on people’s everyday lives. Some of the customers affected could have been refused mortgages, loans or credit cards, as well as being unable to get mobile phone contracts, insurance policies or sign up with utility companies. The mistake made by Bank of Ireland UK could have potentially caused misery for thousands of people.

“We do however recognise the steps the bank has taken to correct their error, supporting affected customers and reviewing its data-management processes. Therefore, we believe a reprimand is the best, fairest outcome, and that lessons have been learnt to avoid mistakes like these in the future.”

Steps recommended in the reprimand to ensure Bank of Ireland UK’s compliance with data protection include continuing to support affected customers, ensuring that robust processes are in place, and are reviewed regularly, and that learnings are shared across the organisation to prevent a repeat of the issue.

Read more:
Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

0
FacebookTwitterGoogle +Pinterest
previous post
Chinese official who praised CCP makes another appearance at top Ivy League school: ‘Historic connections’
next post
How to implement an inbound marketing plan

You may also like

West Midlands named second in Europe for foreign...

February 20, 2024

Small business champion Good Business Pays appoints former...

February 27, 2023

Car industry in reverse as output crashes to...

January 26, 2023

UK retail sales rise unexpectedly in September despite...

October 18, 2024

What to do when you’re free and bored...

June 28, 2024

Boost your getting a better Perch Mortgage with...

December 27, 2022

CBI launches Defence & Economic Growth Taskforce to...

April 23, 2025

HMRC to appeal Gary Lineker IR35 case

June 26, 2023

Google faces antitrust trial over ad dominance as...

September 10, 2024

The Freedom to Work from Anywhere: A Conversation...

March 17, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved